Sales Contracts
Hello again my fellow investors!!
Great news! I have an appt. to look at my first property on Wed. April 9th 
My question concerns sales contracts. Can I pick one up at any realtor office or should I go through one of my realtors?
The reason I ask is that the deal I'm working doesn't involve a realtor at this time,and I don't want them trying to get in on the deal until I'm ready to put the property on the market.
How should I handle this???
WARIV78
[addsig]
try legalwiz.com. they have good info and forms
Hi WARIV78,
Please, I really don't mean to rain on your parade nor put any negativity in you investing career nor squash your excitement on getting an appointment, but your question scares the HE!! out of me.
If you have to ask where to get forms to purchase this property, have you asked yourself how you are planning to purchase this property? Will it be cash, are you planning to finance it, are you planning to buy it "Subject to" etc?
Are you aware that the language in each contract is different depending upon the type of purchase?
"This is NOT one size fits all" and generic contracts will only get you into trouble.
Most of your courses today will give you forms to use for that type of investing, so if you have taken any courses you should have the forms already.
Yes legalwiz.com has great information and forms. I would stress that you get the information on their usage along with the forms.
Best of luck
John (LV)
John,
Thank you for your input. It was very direct and I appreciate that. That's the type of input I need if I'm going to do this right.
Let me back up and start from the beginning, maybe that will shed better light on what's going on.
I have (through a family friend) a lady who has just gone through a divorce and
as a result can no longer afford her home.
She also has a second mortgage on her house (15,000) and is about to foreclose.
I'll give you more info as I get it.
What I would like to do is flip the property to another investor (I have put together an investor list), so I guess my question should have been, "How do I proceed with this deal?"
I don't have to meet with her until this evening so hopefully I'll hear from you by
then.
I admit that I'm new to this, but I'm willing to take criticism if it will guide me in
the right direction.
Still learning and still willing to listen.
WARIV78
[addsig]
Hi WARIV78,
No criticism needed or intended, just didn’t want to see you get in trouble.
If you could give us a little more info about all the current financing on the property, we might be able to give you a couple of pointers.
In the mean time:
Was the house awarded to the wife as part of the divorce and has the ex husband already quit claimed it to her? If not, is he willing to so she can sell this house on her own?
What does she want out of the deal or do you know yet?
What is your plan to stop the 2nd from foreclosing? How far behind?
Do you have your investor that you are planning to resell (I hate the word flip) to set up yet?
There will be more questions later
John (LV)
Hey John,
Sorry it took so long to get back. Here is what I'v been able to find ouy since your last post.
The seller is VERY motivated!! I also found out that she has only recieved a letter stating that foreclosure proceedings will begin if her mortgage isn't brought current.
She is four months in arears on her first and six on her second.
Her husband was never on the mortgage so we don't have to deal with him.
If you email me at: WARIV78@Hotmail.com
I will give you the particulars(numbers) if you need them.
They also offered her a payoff which will give me a good indication of how much she may ask for, but I won't assume, I'll ask so that I'm sure.
As for an investor to wholesale this property to, as of yet I don't have one ,but that's because of the location of this house(outside of "hot" area).
I do,however,have inquiries out to try to find an investor in that area. So all I can do is hope that I find one before this process goes much farther or I may just have to back out all together.
Well,that's all I have for now. I'll keep you posted.
On a brighter note, I went to my first REI Association meeting and not only heard some great info but I have also managed to get a mentor!!!!
So needless to say I'm looking forward to being able to accelerate my learning curve.
Lovin' the learnin' experience!!!
WARIV78